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REGISTERED NUMBER: SC453654 (Scotland)

















Financial Statements

for the Year Ended 31 May 2023

for

4H1 Ltd.

4H1 Ltd. (Registered number: SC453654)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


4H1 Ltd.

Company Information
for the Year Ended 31 May 2023







DIRECTORS: G Henderson
Mrs E C Henderson





REGISTERED OFFICE: 14 Rutland Square
Edinburgh
EH1 2BD





REGISTERED NUMBER: SC453654 (Scotland)





ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD

4H1 Ltd. (Registered number: SC453654)

Abridged Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,731,396 1,042,810

CURRENT ASSETS
Debtors 135,900 104,428
Cash at bank 2,461 29,460
138,361 133,888
CREDITORS
Amounts falling due within one year 961,582 291,488
NET CURRENT LIABILITIES (823,221 ) (157,600 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

908,175

885,210

CREDITORS
Amounts falling due after more than one
year

5

(274,905

)

(276,536

)

PROVISIONS FOR LIABILITIES 7 (53,507 ) (48,060 )
NET ASSETS 579,763 560,614

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 579,663 560,514
SHAREHOLDERS' FUNDS 579,763 560,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:




G Henderson - Director


4H1 Ltd. (Registered number: SC453654)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

4H1 Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of investment property holding and letting.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and payables, loans from banks and other third
parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the
Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the
impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount
does not exceed what the carrying amount would have been had the impairment not previously been recognised.
The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire
or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to
another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities
are derecognised when the liability is extinguished, that is when the contractual obligation is discharged,
cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


4H1 Ltd. (Registered number: SC453654)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 1,042,810
Additions 778,586
Disposals (51,080 )
Revaluations (38,920 )
At 31 May 2023 1,731,396
NET BOOK VALUE
At 31 May 2023 1,731,396
At 31 May 2022 1,042,810

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2017 166,611
Valuation in 2018 75,000
Cost 1,489,785
1,731,396

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,489,785 709,818

Investment property was valued on an open market basis on 31 May 2018 by the director following a discussion with Graham & Sibbald, Chartered Surveyors.

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2023 2022
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 264,499 264,499

4H1 Ltd. (Registered number: SC453654)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 276,601 278,297

The Mortgage Lender Limited hold a security over 3 Waverley Court, Bonnyrigg.

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 53,507 48,060

Deferred
tax
£   
Balance at 1 June 2022 48,060
Charge to Income Statement during year 5,447
Balance at 31 May 2023 53,507

8. RESERVES

Retained earnings are analysed as follows:

31.05.2331.05.22
££
Distributable391,559328,043
Non-Distributable188,104232,471
579,663560,514